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Arkon Energy, a leader in renewable data center infrastructure, raised $28 million in funding and acquired Hydrokraft AS. Both developments will help the company expand its footprint in the Bitcoin mining industry.
The acquisition of Hydrokraft is a strategic step for Arkon Energy. Following the acquisition, the company may explore a vertically integrated “green bitcoin mining” business. It will emphasize sovereign power, geographic diversification and a versatile balance sheet. Arkon aims to do better than other major bitcoin participants who have encountered pitfalls along the way.
Hydrokraft is a reputable European data center with an operational capacity of 30 MW, which can be increased to 60 MW. Additionally, it relies on low-cost, sustainable electricity and has been operational since 2021. Arkon’s team will gradually increase the infrastructure to ensure the facility operates at maximum capacity.
Arkon CEO Josh Payne adds:
“The current market climate, with low prices for bitcoin and mining equipment, presents a compelling opportunity to take advantage of our unique profitability and access to growth capital. We are delighted to have completed this transaction and we look forward to realizing several additional growth opportunities in the near future.”
To finance the transaction, Arkon Energy used senior debt and equity. Additionally, the deal was made possible through the assistance of Barkers Point Capital Advisors, Blue Sky Capital, Kestrel 0x1, Shima Capital and various other parties. Several partners will join the board after the deal is finalized.
Renewable energy is the basis of Arkon Energy. The Australian company operates data center infrastructure using 100% renewable electricity from excess electricity in constrained markets. This allows them to provide industry-leading efficiency at a very low production cost.
Arkon Energy CEO Josh Payne and COO Nathan Townsend have expertise in bitcoin mining. With a dedicated team of experts and executives, they will continue to explore opportunities in this growing industry.